Financials NOF Corporation

Equities

4403

JP3753400005

Commodity Chemicals

Market Closed - Japan Exchange Other stock markets 10:30:00 18/07/2025 +04			5-day change	1st Jan Change
2,969.50 ^JPY	+0.73%		+2.82%	+34.61%

07-01	Tranche Update on NOF Corporation's Equity Buyback Plan announced on May 9, 2025.	CI
06-10	NOF Corporation repurchases 1.16 million shares

Projected Income Statement: NOF Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	172,645	192,642	217,709	222,252	238,310	253,033	275,967	314,050
Change	-	11.58%	13.01%	2.09%	7.23%	6.18%	9.06%	13.8%
EBITDA ¹	32,155	41,504	46,983	49,081	53,273	57,600	69,700	86,250
Change	-	29.07%	13.2%	4.47%	8.54%	8.12%	21.01%	23.74%
EBIT ¹	26,602	35,595	40,624	42,142	45,308	47,600	51,833	55,550
Change	-	33.81%	14.13%	3.74%	7.51%	5.06%	8.89%	7.17%
Interest Paid	-89	-89	-109	-159	-186	-	-	-
Earnings before Tax (EBT) ¹	34,109	37,977	48,040	48,468	50,778	53,550	57,150	60,950
Change	-	11.34%	26.5%	0.89%	4.77%	5.46%	6.72%	6.65%
Net income ¹	23,302	26,690	33,973	33,990	36,497	37,133	39,967	43,450
Change	-	14.54%	27.29%	0.05%	7.38%	1.74%	7.63%	8.72%
Announcement Date	12/05/21	11/05/22	11/05/23	09/05/24	09/05/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	37,777	38,269	44,754	51,845	42,835	47,292	49,267	53,248	52,014	51,794	54,005	59,896	49,255	52,549	58,295	62,153	55,110	55,368	60,692	67,140	58,550	59,850	63,950	71,250
Change	-	1.3%	16.95%	15.84%	-17.38%	10.41%	4.18%	8.08%	-2.32%	-0.42%	4.27%	10.91%	-17.77%	6.69%	10.93%	6.62%	-11.33%	0.47%	9.62%	10.62%	-12.79%	2.22%	6.85%	11.42%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	5,463	4,311	8,148	8,680	8,844	9,670	10,122	6,959	12,451	7,983	9,827	10,363	10,289	9,762	13,211	8,880	13,533	9,788	12,438	9,549	11,950	11,600	12,900	11,700
Change	-	-21.09%	89%	6.53%	1.89%	9.34%	4.67%	-31.25%	78.92%	-35.88%	23.1%	5.45%	-0.71%	-5.12%	35.33%	-32.78%	52.4%	-27.67%	27.07%	-23.23%	25.14%	-2.93%	11.21%	-9.3%
Charge d'intérêts	-13	-	-10	-	-11	-	-13	-	-10	-	-19	-	-25	-	-30	-	-28	-	-30	-	-	-	-	-
Earnings before Tax (EBT)	6,026	4,547	12,922	-	9,389	9,879	11,179	-	14,282	10,854	11,666	-	12,831	-	13,454	-	15,894	-	15,084	-	-	-	-	-
Change	-	-24.54%	184.19%	-	-	5.22%	13.16%	-	-	-24%	7.48%	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	3,740	3,112	9,247	7,203	6,431	6,900	7,914	5,445	9,937	7,507	8,407	8,122	9,013	7,317	9,681	7,979	11,047	5,969	10,611	8,870	9,600	8,600	10,000	9,600
Change	-	-16.79%	197.14%	-22.1%	-10.72%	7.29%	14.7%	-31.2%	82.5%	-24.45%	11.99%	-3.39%	10.97%	-18.82%	32.31%	-17.58%	38.45%	-45.97%	77.77%	-16.41%	8.23%	-10.42%	16.28%	-4%
Announcement Date	05/08/20	05/11/20	03/02/21	12/05/21	04/08/21	04/11/21	07/02/22	11/05/22	03/08/22	02/11/22	08/02/23	11/05/23	03/08/23	01/11/23	07/02/24	09/05/24	07/08/24	07/11/24	12/02/25	09/05/25	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	90,127	103,808	101,804	110,478
Change	-	15.18%	-1.93%	8.52%
EBITDA	-	-	-	-
Change	-	-	-	-
EBIT ¹	18,514	20,434	20,051	23,321
Change	-	10.37%	-1.87%	16.31%
Charge d'intérêts ¹	-29	-31	-62	-65
Earnings before Tax (EBT) ¹	19,268	25,136	23,446	24,353
Change	-	30.45%	-6.72%	3.87%
Net income ¹	13,331	17,444	16,330	17,016
Change	-	30.85%	-6.39%	4.2%
Announcement Date	04/11/21	02/11/22	01/11/23	07/11/24

¹JPY in Million

Estimates

Forecast Balance Sheet: NOF Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-68,725	-79,801	-87,677	-86,579	-82,750	-81,200	-12,026	-87,400
Change	-	-16.12%	-9.87%	1.25%	4.42%	1.87%	85.19%	-626.76%
Announcement Date	12/05/21	11/05/22	11/05/23	09/05/24	09/05/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: NOF Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	8,432	5,735	7,844	18,695	18,381	32,150	39,000	28,500
Change	-	-31.99%	36.77%	138.34%	-1.68%	74.91%	21.31%	-26.92%
Free Cash Flow (FCF) ¹	22,294	18,638	22,624	11,275	10,594	20,832	20,046	19,922
Change	-	-16.4%	21.39%	-50.16%	-6.04%	96.63%	-3.77%	-0.62%
Announcement Date	12/05/21	11/05/22	11/05/23	09/05/24	09/05/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: NOF Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	18.62%	21.54%	21.58%	22.08%	22.35%	22.76%	25.26%	27.46%
EBIT Margin (%)	15.41%	18.48%	18.66%	18.96%	19.01%	18.81%	18.78%	17.69%
EBT Margin (%)	19.76%	19.71%	22.07%	21.81%	21.31%	21.16%	20.71%	19.41%
Net margin (%)	13.5%	13.85%	15.6%	15.29%	15.31%	14.68%	14.48%	13.84%
FCF margin (%)	12.91%	9.67%	10.39%	5.07%	4.45%	8.23%	7.26%	6.34%
FCF / Net Income (%)	95.67%	69.83%	66.59%	33.17%	29.03%	56.1%	50.16%	45.85%
Profitability
ROA	11.39%	13.41%	14.42%	14%	13.33%	13.8%	14.2%	14.7%
ROE	12.2%	12.6%	14.8%	13.5%	13.4%	13.15%	13.9%	14%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.88%	2.98%	3.6%	8.41%	7.71%	12.71%	14.13%	9.07%
CAPEX / EBITDA (%)	26.22%	13.82%	16.7%	38.09%	34.5%	55.82%	55.95%	33.04%
CAPEX / FCF (%)	37.82%	30.77%	34.67%	165.81%	173.5%	154.33%	194.55%	143.06%
Items per share
Cash flow per share ¹	115.8	131.8	165	170	187.5	208	226.7	246.4
Change	-	13.85%	25.19%	3.01%	10.28%	10.96%	8.99%	8.69%
Dividend per Share ¹	26.67	30	36	38	45	47.67	53	60
Change	-	12.5%	20%	5.56%	18.42%	5.93%	11.19%	13.21%
Book Value Per Share ¹	816.2	896.9	986.9	1,109	1,193	1,256	1,354	1,490
Change	-	9.89%	10.03%	12.38%	7.54%	5.28%	7.82%	10.04%
EPS ¹	93.5	107.9	139	141.2	153.9	161.2	178.1	198.5
Change	-	15.43%	28.8%	1.56%	9%	4.76%	10.48%	11.46%
Nbr of stocks (in thousands)	249,325	246,855	242,789	238,957	235,052	231,471	231,471	231,471
Announcement Date	12/05/21	11/05/22	11/05/23	09/05/24	09/05/25	-	-	-